Home Equity LOC on NYC Co-Op
Does anyone here have any experience, either as a borrower or a lender, in a HELOC on an NYC Co-Op? This is as an individual shareholder, not the Co-Op entity or sponsor. We are in the process of opening a LOC on our Co-Op and seem to have hit a snag with their underwriting based on the financials of the building. It's a small Co-Op, 15 shareholders in total, and is well managed with plenty of reserves on hand, etc. looking for anyone who might be truly knowledgeable in this area, and would be willing to let me bounce some things off of them, to see if it makes sense. We have had multiple transactions in the building in the 10 years we've been there, and no issues with any lenders previously for 80 percent first position stuff (including our own). LOC on Co-ops is already a niche product, so options are limited but I am still curious to hear from anyone with experience in this area. Thanks!